U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB-A
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1999
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from _______________ to ______________
Commission File No. 0-25281
LOG POINT TECHNOLOGIES, INC.
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(Name of Small Business Issuer in Its Charter)
Colorado 84-1360787
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(State of Other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
465 Fairchild Drive, Suite 111, Mountain View, CA 94043
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(Address of Principal Executive Offices) (Zip Code)
(650) 967-3974
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(Issuer's Telephone Number, Including Area Code)
N/A
---
(Former name, former address and former fiscal year,
if changed since last year.)
Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No ____
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of December 31, 1999, Log Point
Technologies, Inc. had 11,058,383 shares of Common Stock outstanding, no par
value.
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<TABLE>
<CAPTION>
LOG POINT Technologies, Inc.
(a development stage company)
BALANCE SHEETS
(Unaudited)
Dec 31, 1999 Jun 30, 1999
============ ============
ASSETS
CURRENT ASSETS
<S> <C> <C>
Cash & Cash Equivalents $ (6,580) $ 466
Accounts Receivable -- --
----------- -----------
Total Current Assets (6,580) 466
----------- -----------
EQUIPMENT & FURNITURE
Office Equipment & Furniture (net of Depreciation) 34,358 39,595
----------- -----------
OTHER ASSETS
Product Technology License (net of Amortization) 113,750 120,750
Deposits 204,281 4,281
----------- -----------
Total Other Assets 318,031 125,031
----------- -----------
TOTAL ASSETS $ 345,809 $ 165,092
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of capitalized lease obligations $ 12,745 $ 11,861
Short-Term Loans 302,536 --
Accounts Payable 155,294 148,648
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Total Current Liabilities 470,575 160,509
----------- -----------
LONG-TERM DEBT
Due on product license 165,427 160,574
Loans from Officers 65,626 6,761
Capitalized lease obligations less current portion 6,485 13,031
----------- -----------
Total Long-Term Debt 237,538 180,366
----------- -----------
OTHER LIABILITIES
Deferred salaries & wages, and related payroll taxes 1,067,564 882,569
----------- -----------
Total Liabilities 1,775,677 1,223,444
----------- -----------
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock - No par value; 5,000,000 shares authorized;
no shares issued
Common stock - No Par Value; 50,000,000 shares authorized;
shares issued and outstanding 11,058,383 1,104,194 1,029,194
Retained Earnings (deficit) (2,534,062) (2,087,546)
----------- -----------
(1,429,868) (1,058,352)
Less stock receivable -- --
----------- -----------
Total Stockholders' Equity (Deficit) (1,429,868) (1,058,352)
----------- -----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 345,809 $ 165,092
=========== ===========
</TABLE>
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<TABLE>
<CAPTION>
Log Point Technologies, Inc.
(a development stage company)
STATEMENT OF OPERATIONS
(Unaudited)
For the Three Months Ended For the Six Months Ended Since
December 31 December 31 Inception
============================ ============================ ==============
1999 1998 1999 1998 02/93 to 12/99
============ ============ ============ ============ ==============
<S> <C> <C> <C> <C> <C>
SALES None None $ 1,200 None $ 71,680
------------ ------------
COST OF SALES None None None None None
OPERATING EXPENSES:
General and Administrative 121,344 $ 49,450 179,368 110,863 695,900
Research and development 57,606 161,320 117,376 267,839 1,467,075
Depreciation and Amortization 6,119 5,997 12,237 11,653 130,586
------------ ------------ ------------ ------------ ------------
Total Operating Expenses 185,069 216,767 308,981 390,355 2,293,561
------------ ------------ ------------ ------------ ------------
LOSS BEFORE OTHER ITEMS (185,069) (216,767) (307,781) (390,355) (2,221,881)
OTHER INCOME & EXPENSE
Interest expense (120,677) (11,726) (138,735) (22,131) (324,988)
Interest Income -- 3,398 -- 11,522 12,807
------------ ------------ ------------ ------------ ------------
NET LOSS $ (305,746) $ (225,095) $ (446,516) $ (400,964) $ (2,534,062)
============ ============ ============ ============ ============
Loss Per Share $ (0.028) $ (0.020) $ (0.042) $ (0.036)
------------ ------------ ------------ ------------
Weighted average number of shares 10,757,403 11,058,383 10,757,403 11,058,383
------------ ------------ ------------ ------------
</TABLE>
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<TABLE>
<CAPTION>
LOG POINT Technologies, Inc.
(a development stage company)
STATEMENT OF CASH FLOWS
For the Three Months Ended For the Six Months Ended Since
December 31 December 31 Inception
========================== ========================== ==============
1999 1998 1999 1998 02/93 to 12/99
=========== =========== =========== =========== ==============
CASH FLOWS FROM (TO) OPERATING ACTIVITIES:
<S> <C> <C> <C> <C> <C>
Net Income(Loss) From Operations: $ (305,746) $ (225,095) $ (446,516) $ (400,964) $(2,534,062)
Add: Non-Cash Items
Depreciation and Amortization 6,119 5,997 12,237 11,653 130,586
Deferred salaries, related taxes and interest 93,285 68,189 184,995 119,383 1,067,564
Payment of expenses & loans with stock 75,000 -- 75,000 -- 241,060
Changes in Assets and Liabilities
Accounts Receivables 1,200 -- -- -- --
Prepaid Expenses -- -- 2,500 --
Receivable & payables from officers-net 23,132 (7,600) 58,865 (13,106) 65,626
Receivable & payables from others-net -- -- -- (9,979) --
Deposits (200,000) -- (200,000) -- (204,281)
Accounts payable (2,350) 53,602 6,646 84,911 155,294
----------- ----------- ----------- ----------- -----------
Net Cash From(To) Operating Activities (309,360) (104,907) (308,773) (205,602) (1,078,213)
----------- ----------- ----------- ----------- -----------
CASH FLOWS FROM(TO) INVESTING ACTIVITIES:
Acquisition of Equipment -- (7,550) -- (17,058) (68,694)
----------- ----------- ----------- ----------- -----------
Net Cash From(To) Investing Activities -- (7,550) -- (17,058) (68,694)
----------- ----------- ----------- ----------- -----------
CASH FLOWS FROM(TO) FINANCING ACTIVITIES:
Proceeds from capitalized leases -- 7,550 -- 7,550 45,049
Proceeds from Short-term Financing 302,536 -- 302,536 -- 302,536
Repayment of Debt (451) (4,834) (809) (14,743) (70,392)
Sale of Common Stock -- -- -- -- 1,308,570
Purchases of Common Stock -- (234,520) -- (386,520) (445,436)
----------- ----------- ----------- ----------- -----------
Net Cash From(To) Financing Activities 302,085 (231,804) 301,727 (393,713) 1,140,327
----------- ----------- ----------- ----------- -----------
Increase(Decrease) in Cash (7,275) (344,261) (7,046) (616,373) (6,580)
Cash Balance, Beginning 695 435,925 466 708,037 --
----------- ----------- ----------- ----------- -----------
Cash Balance, Ending $ (6,580) $ 91,664 $ (6,580) $ 91,664 $ (6,580)
=========== =========== =========== =========== ===========
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
- ----------------------------------------------------------
During the second quarter ended December 31, 1999 and 1998, the Company incurred
losses of $305,746 and $225,095, respectively.
Log Point is a development stage company that incurred losses of $305,746 and
$225,095 for the quarter ended December 31, 1999 and 1998, respectively. Log
Point incurred losses of $446,516 and $400,964 for the two quarters ended
December 31, 1999 and 1998, respectively. Since inception the Company has
incurred losses totaling $2,534,062, all of which has been audited except the
second quarter ended December 31, 1999.
Currently, Log Point is dependent upon borrowings to fund its development stage
operations, and at a minimum, management believes that its borrowings will be
adequate to fund its minimum requirements for the twelve-month period ending
December 31, 2000. Log Point does not expect any significant revenues during the
twelve-month period ending December 31, 2000.
When Log Point emerges from its development stage, additional financing will be
needed. Log Point is completing negotiations for a major debt financing. These
additional funds will be used to increase sales and marketing efforts and to
accelerate production of hardware chips from the Company's hardware designs.
The Company will require substantial additional financing in future years. The
additional financing would be obtained through loans, secondary public
offerings, private placements, and/or mergers. There can be no assurance that
such funds will be sufficient in the near term or that conditions and
circumstances described herein may not result in subsequent cash requirements by
the Company in the immediate future just to sustain operation. In the event of
such developments, attaining financing under such conditions may not be
possible, or even if additional capital may be otherwise available, the terms on
which such capital may be available may not be commercially feasible or
advantageous. If future funding is not obtained, Log Point would expect to
continue to receive loans until revenue from product licensing and sales become
adequate to sustain the companies operations.
Log Point will not conduct any significant research and development during the
twelve months ending December 31, 2000.
Log Point has no plans to purchase any plant or significant equipment during the
twelve months ending December 31, 2000.
The Company does not anticipate any significant changes in its number of
employees during the twelve months ending December 31, 2000.
<PAGE>
SIGNATURE
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In accordance with the requirements of the Exchange Act, the Registrant caused
this 10-QSB report to be signed on its behalf by the undersigned thereunto duly
authorized.
LOG POINT TECHNOLOGIES, INC.
Date: February 16, 2000 By: /s/ Samuel P. Shanks
- ----------------------- ------------------------
Samuel P. Shanks, President
